5.7* (Must be written in Java) (Financial application: computing the future inve

Question

5.7*

(Must be written in Java)

(Financial application: computing the future investment value)Write a method that computes future investment value at a giveninterest rate for a specified number of years.

Use the following method header:

Public static doublefutureInvestmentValue(

               Double investmentAmount, double monthlyInterestRate, intyears)

For example, futureInvestmentValue(10000,0.05/12, 5) returns 12833.59.

               Write a test program that prompts the user to enter the investmentamount (e.g.,1000) and the interest rate (e.g., 9%), and prints atable that displays future value for the years from 1 to 30, asshown below:

The amount invested: 1000

Annual interest rate: 9%

Years     Future Value

1                     1093.8

2                     1196.41

...

29         13467.25

30         14730.57

Thanks in Advance for anyhelp

Explanation / Answer

import java.io.*; public class FutureInvestment{ public static int[] numbers = new int[10]; public static void calculate(double investmentAmount, doublemonthlyInterestRate, int years) {    monthlyInterestRate *= 0.01; //if 9 is monthlyinterest rate, we are converting it to 0.09    double interest = 1 + monthlyInterestRate;    System.out.println("Year   " +"Future Value");    for(int i=0; i

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.